As the regulatory environment in the United States become too hot to handle, cryptocurrency exchanges continue expanding their reach for better business environments. The United Arab Emirates (UAE) presents as one of these greener pastures. One of the most popular exchanges in the world, Bybit, has spotted the region’s potential and is already reaching out for competitive leverage.
Bybit Collaborates with UAE University to Foster Crypto Adoption in the Region
In a recent blog, Bybit Exchange revealed a new collaboration with the American University of Sharjah (AUS). The two household names coming together are part of a shared vision to increase crypto adoption in the UAE. The Memorandum of Understanding (MOU) was signed on Tuesday, June 6, in Sharjah UAE.
The exchange has already injected one million United Arab Emirates dirhams (AED 1,000,000) into the cause, presented as the ‘Bybit Scholarship fund’ for computer science and computer engineering students. An excerpt from the announcement reads:
…to support 20 students to accelerate their academic and research careers in fintech and blockchain at AUS.
Further, Bybit will also sponsor a Hackathon for the blockchain community in the UAE, having committed an additional AED 100,000 for the initiative. “The first AUS-Bybit Inter-College Hackathon will be held at the AUS College of Engineering in the 2023-2024 academic year.”
Chancellor of AUS, Dr. Susan Mumm, attributed the institution’s reputation as a center for educational excellence to its strong industry links that enable it to bridge gaps between industry and academia, adding:
Through this partnership with Bybit, our students will have access to the technical knowledge that helps them keep up with all that is novel in the crypto and blockchain industry, enhance their skills, and support their education through the establishment of the Bybit Scholarship.
The scholarship fund will take effect beginning this fall.
Dubai and UAE as the epicenter of crypto and innovation
It all points to the region and its leadership recognizing the contribution of crypto in the trade sector and the thriving cryptocurrency and blockchain industry. It is worth mentioning that there are over 772 crypto-based firms in Dubai alone, which is part of the UAE’s commitment to mold and present itself as the hub of innovation in the digital asset space. With this, the demand for blockchain talent in the country is expected to rise.
In a recent AMA session on Twitter spaces, Binance CEO attested to Dubai’s role as an enabler for the crypto industry, detailing the presence of the world’s largest crypto exchange by trading volume in the country. Specifically, he hailed the country’s business-friendly environment, saying:
Dubai is already an important crypto innovation hub with multiple industry-related events taking place almost every evening.
According to CZ, Binance’s presence and growth in Dubai are attributed to the international presence of the country and the region’s business-friendly practices that have led to a booming local economy. Notably, Binance boasts over 700 employees in Dubai within a span of around 18 months, indicating a rapid growth pace within an enabling country.